It looks like camino is getting ready to drill in Sections 28/21-10-7 of Grady county. Has anyone leased or received any offers in these sections or close by? $2k/acre and 1/8 is what they have mailed out to everyone.
It is wise to ask what they are offering for 3/16th and 1/5th or 1/4th. Many of us would not take a 1/8th. Quite a few 1/5th leases have been filed in Sec 28.
I inherited this and I do not understand it. I received a letter from a Land Service with 4 options. 1. Participate in the drilling of the proposed test well by paying your proportionate share of the completed well costs. 2. Lease/Assign your interest to Camino, accepting a bonus consideration of $2000 per net acre & 1/8 royalty. 3. $1,500 & 3/16, 4. $1000 & 1/5. Is this something I need to sign & return immediately? It also says "In the event that you elect to participate under this letter, you must also elect in writing to participate pursuant to the terms of the Force Pooling Order to issue. I do not understand what I should do.
You do not have to sign that letter. I do not. What it does tell you is that a well is about to be drilled and they are planning to force pool the section. The pooling numbers are likely to be similar. Have your probate documents been filed in the Grady County courthouse? Have you been getting lease offers? Have you been getting mailings from the OCC? What section-township and range is this for and I can tell you the attorney to contact.
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We (myself and two siblings) have interest in the same area and have received the same letter. We plan to ignore it. Our parcel is small enough we have little to no bargaining power. We think the offer is less than the area is worth, and expect lease terms they offer after we accept bonus amount and royalty won’t be favorable or negotiable. The letter is meaningless and has no legal power over you other than they can say they attempted to negotiate with you. Eventually they may force pool those of us who haven’t acted. When\if that happens we’ll get bonus and royalty in line with what others have gotten, under terms allowed by the corporation commission and the law.
Thank you so much for the information!!! This is Section 28-10N-7W. I have received nothing from OCC & it has been a while since I have received anything regarding this section.
Here is the contact information of the attorney for Camino. Make sure you are on their list for mailings.
CAMINO NATURAL RESOURCES, L.L.C.
1401 17TH STREET, SUITE 1000
DENVER, COLORADO 80202
Contact Name: JOHN R. REEVES Contact Phone: 405-272-5742 (He is in OKC)
In the meantime, you can look up the cases on the OCC website. OAP
Case numbers are 201905754, 201905753, 201905756
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my client just offered someone at the 9N-7W 21-5N-7W, 4 NMA, 3/16th royalty 28-9N-7W, 1.25 NMA, 3/16th royalty
$4K, so that seems low
Has that offer been within 6 months?
9N-7W is a long way from 5N-7W.
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today, that is why I was looking here.
I just realized I didn’t read his legals correctly.
I need sleep. . .
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